1. Louisiana Economics

2. Economics in Louisiana Economics is the study of the production, distribution, and consumption of goods and services. Economics is the study of the production, distribution, and consumption of goods and services. What is economics – Video Clip What is economics – Video Clip

3. The Four Questions of Economics: What is being produced or offered? What is being produced or offered? How will it be produced or offered? How will it be produced or offered? How much should be produced or offered? How much should be produced or offered? Who will buy the product or service? Who will buy the product or service?

4. Market System - Video Video The United States and most of the western world operate this way. The United States and most of the western world operate this way. Also called the free enterprise or capitalist system Also called the free enterprise or capitalist system People own property, operate businesses, and make key decisions about the four questions of economics. People own property, operate businesses, and make key decisions about the four questions of economics. Government regulates business to ensure fair practices and safety of workers and consumers. Government regulates business to ensure fair practices and safety of workers and consumers.

5. Command System Communist governments use this system. Communist governments use this system. Government officials decide how to answer the four questions of economics. Government officials decide how to answer the four questions of economics. VIDEO VIDEO VIDEO

6. Free Market and Competition Video on Free Market and Competition Video on Free Market and Competition Video on Free Market and Competition Video on Free Market and Competition

7. Traditional System Underdeveloped nations may follow this system. Underdeveloped nations may follow this system. The four questions are answered by custom or tradition. The four questions are answered by custom or tradition. Jobs handed down from father to son Jobs handed down from father to son Men and women have different kinds of jobs. Men and women have different kinds of jobs.

8. Regulatory Agencies Agencies that regulate, or monitor, economic activityAgencies that regulate, or monitor, economic activity Example: The Public Service Commission regulates utilities within the state.

9. E. Goods and Services - Goods are products people want or need, such as cars, clothes, food, CDs, and gasoline.Goods are products people want or need, such as cars, clothes, food, CDs, and gasoline. Services are tasks that consumers want performed for them by specialists, such as doctors, lawyers, technicians, teachers, plumbers, carpenters, and mechanics.Services are tasks that consumers want performed for them by specialists, such as doctors, lawyers, technicians, teachers, plumbers, carpenters, and mechanics. Video – Goods – durable Video – Goods – durable Video Goods – non durable Video Goods – non durable Video Services Video Services

10. Economic Flow Goods and services flow between businesses in a circular pattern Goods and services flow between businesses in a circular pattern Who Are We? BusinessesConsumers We provide or produce:  Goods and services  Wages, salaries, dividends  Money, labor, or land In return, we receive:  Money, labor, or land  Wages, salaries, dividends  Goods and services

11. Economic Flow

12. Match Pair Share Find someone with the same first letter as you. Find someone with the same first letter as you. What are the 4 economic questions? What are the 4 economic questions?

13. Find someone with the same birthday month What are the three types of economic systems? What are the three types of economic systems?

14. Find someone with the same size shoe Explain and demonstrate a Command system Explain and demonstrate a Command system

15. Find someone who likes the same color What is a free market system demonstrate an example What is a free market system demonstrate an example

16. Find someone who has the same number of siblings as you What is a traditional system – give an example What is a traditional system – give an example

17. Find someone who has the same favorite food. Why do we have regulatory systems? Why do we have regulatory systems?

18. Find someone who has the same favorite color What is economics? What is economics?

19. Find someone who likes the same sports team What is the different between goods and services? – give an example of each! What is the different between goods and services? – give an example of each!

20. Everyday Edison’s Watch the following clip Watch the following clip http://www.hulu.com/watch/114795/ever yday-edisons-im-an-everyday-edison#s- p3-st-i0 http://www.hulu.com/watch/114795/ever yday-edisons-im-an-everyday-edison#s- p3-st-i0 http://www.hulu.com/watch/114795/ever yday-edisons-im-an-everyday-edison#s- p3-st-i0 http://www.hulu.com/watch/114795/ever yday-edisons-im-an-everyday-edison#s- p3-st-i0 Identify how these questions are answered What is being produced or offered? What is being produced or offered? How will it be produced or offered? How will it be produced or offered? How much should be produced or offered? How much should be produced or offered? Who will buy the product or service? Who will buy the product or service?

21. Now it’s your turn! Your job is to invent a product – be very creative – Your job is to invent a product – be very creative – Draw this product Draw this product Explain what it is and what it does Explain what it is and what it does You are now going to sale this product to your group. Be sure to write the answers to the four economic questions on your flyer. You are now going to sale this product to your group. Be sure to write the answers to the four economic questions on your flyer. Keep your product a secret because this is a competition – more details later. Keep your product a secret because this is a competition – more details later.